Commodity producing and trading giant Glencore booked a $4.4-billion net income for the first half of the year, a jump of $5 billion from a loss a year earlier, as the oil and copper price rallies and volatility boosted revenues and trading profits.
Glencore on Wednesday reported $4.405 billion in net income attributable to equity holders for the first half, compared to a loss of $655 million for the same period of 2025.
Adjusted core earnings, or EBITDA, jumped by 86% to $10.1 billion and revenues surged by 49% to $174 billion.
As guided last week, Glencore’s marketing adjusted earnings before interest and tax (EBIT) more than doubled to $3.3 billion.
The surge of 142% on the year, for a near record first-half result, is “owing to the materially disrupted energy, freight and other markets during the period,” Glencore said in the detailed H1 earnings report today.
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Last week, Glencore said it expected to post a profit of $3.3 billion in its marketing division, as extreme market volatility during the Iran war generated windfall earnings for the energy commodity traders.
The market volatility of the past five months is putting Glencore’s trading profit on track for its best year ever if energy markets continue to whipsaw in the coming months.
Glencore booked its highest ever full-year marketing EBIT in 2022, the year in which the Russian invasion of Ukraine upended energy flows and markets and sent oil prices soaring to $120 per barrel.
The adjusted EBIT in the marketing division hit a record $6.4 billion in 2022, a surge of 73% from the prior year, “driven primarily by our energy departments successfully navigating the extreme market imbalances, volatility and dislocations across crude oil, LNG, refined products, coal and logistics infrastructure,” Glencore said at the time.
The trader booked adjusted EBIT of $2.9 billion in the marketing segment for the full year 2025.
Glencore expects market volatility to remain above historical norms for parts of the second half of 2026, albeit at lower levels than experienced during the first half, CEO Gary Nagle said.
“This backdrop continues to highlight the value of the Group’s marketing, logistics and risk management capabilities, enabling us to efficiently source, transport and deliver essential energy and metals products to customers around the world,” the executive noted.
By Tsvetana Paraskova for Oilprice.com
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